Arun, it works well as far as it goes - and with no budget for extras it's a pretty good attempt.
Given the chance of more resources, what would you have done differently/better?
I think it's important to keep your audience in mind. If they are happy with the content and aren't put off by some of the sound and lighting issues, that's fine.
If, however, it's a more 'important' piece - which represents an organisation or key brand values - then hopefully your clients will appreciate the need for higher production levels - and will give you the extra resources/time/money/equipment/personnel that you need.
How would I have approached it?
I would have made the clients aware of the lighting and sound challenges and suggested to them that the film should include general shots of the meeting with some voiceover mixed in with some interview soundbites, as you have done. Only a slight change from your version, but it would have arguably made the final film a little easier for viewers to follow and would have allowed you to work around the sound issues.
I'd be interested to hear how others might have approached the video, given the limitations you were faced by. The circumstances are not uncommon - there are lots of organisations out there who want high level coverage but have limited budgets.

new vid here LocalGov.co.uk - Your authority on UK Local Government > LocalGov.co.uk - Your authority on UK Local Government > The 2009 MJ Achievement Award Winners a bit of an improvement I think - still some dodgy camera work mind

Arun,

I just listened to your roundtable discussion.
I'm pretty confident that the quality of the audio
can be substiantially improved using a good audio cleaning software:
iZotope RX comes to mind, but also Audition 3 (which, if memory serves me well,
has the same "cleaning engine" as iZotope).
Start with parameters set for a relatively light cleaning, listen,
then tweak your parameters until you get to the right compromise
(too much "cleaning", and you'll end up with metallic-sounding artifacts).
No miracles, but a substantial improvement.

Best

Vasco